The global ePayment system market is expected to expand at a CAGR of 17.7% over the forecast period (2021-2031). The growth can be attributed to the growing demand for real time payments coupled with increasing internet penetration across various countries. As per the latest Future Market Insights (FMI) study, the market valuation is expected to surpass approximately US$ 89.2 Bn in 2021.
The payments landscape has been through noteworthy transformation in the recent years. Advancements in technology have led to considerable changes with payments becoming faster, easier and more convenient. The global ePayment system market is estimated to be driven by technical advancements in the software industry, and the growth of e-Commerce in developed and developing nations.
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The adoption of ePayment systems is growing rapidly, and, in the near future, it shall create potential opportunities for ePayment solution and service providers. Consumers across regions such as Europe and North America, and some countries in East Asia and South Asia & Pacific, are using various digital payment methods.
Furthermore, increasing Internet banking and Internet shopping have significantly pushed the use of ePayment system across the globe. The market for ePayment systems has shown significant growth over the last few years due to the increasing adoption of advanced technologies. With advancements in technology, there has been a rise in the demand for ePayment systems.
Key Takeaways from ePayment System Market Study
- Based on deployment, the cloud segment is expected to dominate the market through 2031, owing to the rising popularity of cloud computing and analytics.
- Based on enterprise size, the large enterprises segment is expected to dominate the market through 2031 owing to the growing need to digitize their payment landscape.
- The BFSI segment is expected to hold the largest share in the global ePayment system market in 2021, based on industry.
- China will continue leading the East Asia market, registering a CAGR of over 18.9% through 2031.
- The U.S. market is projected to expand at a CAGR of 18.2% through 2031, owing to the due to early adoption of upcoming technologies and presence of established and upcoming payment technology providers in the country.
- The UK is anticipated to hold the lead in Europe, exhibiting a CAGR of 18.5% through 2031.
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Who is winning?
The moderately consolidated ePayment system market is characterized by players who are increasingly focusing on the development of new product offerings in addition to strategic endeavors towards geographical expansion.
Prominent players in the ePayment system market include but are not limited to ACI Worldwide, Aliant Payments, Alipay, Apple Pay, FIS, Fiserv, Global Payments, Intuit, JPMorgan Chase, Mastercard, PayPal, Paysafe, PayTrace, PayU, Spreedly, Square, Stripe, Visa, Worldline, and 2Checkout, among others.
More Valuable Insights on ePayment System Market
A revised market research report published by Future Market Insights (FMI) on the global ePayment System market includes global industry analysis for 2016–2020 and opportunity assessment for 2021–2031. The report provides valuable insights on the basis of component solution (payment gateway solution, payment processing solution, payment wallet solution, payment security and fraud management solution, and point of sale (POS) solution); and services (professional services, and managed services); deployment(cloud and on-premises); enterprise size (small & medium enterprises (SMEs) and large enterprises); and Industry (BFSI, retail and eCommerce, healthcare, media & entertainment, IT & telecom, transportation & logistics, and others), and across six major regions.
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